skip to Main Content
Renko Charts - Retracements

AUDJPY Renko Analysis, Chart. 0.25 Fixed box Renko

AUDJPY Renko Technical Analysis, 11/08/2014
AUDJPY Renko Technical Analysis, 11/08/2014
  • AUDJPY has been undergoing a correction to its uptrend
  • The most recent price action shows the AUDJPY renko to be heading towards a previously established support level at 93.85
  • A possible Head&Shoulders pattern is being formed in the process
  • For this Head&Shoulders pattern to be validated, we need to see a break of 93.85
  • Further downside support comes at 93.35. This would be a key level to short AUDJPY from upon retest
  • Expect to see some consolidation in play between 93.85 – 93.35
  • A long term trend line was broken but price moved back above the trend line but failed to make a higher high
  • Price bounced off a previously well respected trend line, testing it from below

AUDJPY – Renko Technical Analysis Short Term trade idea

  • Sell from 94.6, targeting 93.85 or wait for a bullish renko to form/close at 95.1 to short towards 93.85

While the overall bias is the uptrend, this short term correction provides a good opportunity to bank some pips

We will revisit this trade set up later as price heads towards 93.85 to determine the strength of the head and shoulders pattern

Share this article...

Notify of
Back To Top